Polygon MATIC is one of the missing digital assets that was needed to make portfolios of investors complete. Firstly, Polygon MATIC is not like other daily cryptocurrencies. Instead, this crypto project provides you something completely diverse from usual cryptocurrencies that are widely used for making transactions and Defi coins that fund the issuing blockchains and decentralized visit applications (dApps).
Unlike Bitcoin, Dogecoin, Litecoin, Polygon depends on their blockchains to run transactions without the requirement of any sort of intermediaries. Polygon has the intention to streamline the comparatively faster processing speed of decentralized applications (dApps) on the network of Ethereum cryptocurrency.
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Polygon is a level two scaling solution platform that is adequately designed and is simple to use for decentralized applications operating on Ethereum and also for infrastructural development. This project is supported and funded by Binance and Coinbase exchange platforms.
Polygon was established by two well-experienced blockchain creators, Jaynti Kanani and Sandeep Naiiwal, and one skilled business consultant, Anurag Arjun. This digital platform was officially launched in October 2017. The former name of Polygon was Matic Network which created a significant part of the network of Ethereum. Today, Polygon exists as three separate but also interlinked entities.
The Network of Polygon
This platform is used by developers of the decentralized application (dApps) as leverage for comparatively speedier transactions that end up in much lesser transactions charges. The network offers immediate, safe, and scalable transactions utilizing sidechains.
The Polygon platform uses a decentralized network of Proof-of-Stake (PoS) validators and elevates for asset protection depending on a modified implementation of Plasma Structure.
The MATIC token is an ERC20 token of Polygon Platform. It serves all purposes, for instance, staking, governance, and paying for transaction (gas) charges.
The Team of Polygon
The team of this network is decentralized spread all over the world. It consists of the core team that has three founders and Mihailo Bjelic. Other than them, there is an entire separate advisory board consisting of Hudson Jameson (Ethereum Founder), Ryan Sean Adams (Bankless), Anthony Sassano (EthHub), Pete Kim (Coinbase), and John Lilic (ex ConsesnSys). The entire team assists in the unceasing development and growth of the Polygon Network, MATIC and also boarding on efficacious partnerships with the sovereign blockchains, and creators of already existing and latest decentralized applications (dApps).
The fundamental aim behind the Polygon project is to excite the huge adoption of digital currencies by offering solutions of scalability on a variety of blockchains. Usually, the Ethereum network flops to scale rapidly.
This is ascribed to Vitalik Buterin and his co-creators in admiration of how Bitcoin was highly safe and secured by Satoshi Nakamoto by employing the Proof-of-Work (PoW) consensus mechanism. Regardless of the high carbon emissions related to Proof-of-Work (PoW) when it comes to mining, it is one of the best mechanisms for safety and has secured Ethereum ever since its launch in 2014.
Having Proof-of-Work in your mechanism indicates Ethereum had to succumb to much lesser transaction charges that should be between 15 and 30 per second. Due to this, the network of Ethereum got congested and the gas (transaction) charges associated began to escalate dramatically.
Polygon offers a substitute platform that will enable decentralized application transactions that are 100 percent on the spot, safe, and almost free too. Furthermore, the plasma framework of polygon permits internationally available decentralized finance applications to be developed on just one foundational block.
Pros of Polygon
Polygon is now going places and users are going crazy after it. People have seen noticeable pros in this crypto project. Below are some of them:
- This platform is comparatively and essentially more secure as a result of the validation system.
- Polygon platform utilizes an interconnected system that consists of Proof-of-Stake and the Heimdall structure that assists in increasing scalability and authority.
- This multi-china mechanism enables Polygon to access and utilize the 100% power of Ethereum.
- This digital platform has a completely customizable tech stack that provides the user with a similar experience to that of the Ethereum project.
Cons of Polygon
On one hand, the polygon is crossing all milestones and being accepted all over the globe due to its extraordinary features. But then again it has a few cons that might make you reconsider investing in it.
- There is a chance that with alterations and changes in the Ethereum 2.0 version, the Polygon project will no longer be needed as the second level or layer of the Ethereum cryptocurrency.
The above-given vital information about Polygon and its token MATIC will help you in the future when you will consider investing in this cryptocurrency. Before putting in all your savings. Read about the currency thoroughly.